Did you save some cash for a rainy COVID-19 day? The crisis and SMEs
Did you save some cash for a rainy COVID-19 day? The crisis and SMEs
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DOI：
10.1177/0266242620945102
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发表时间：
2020-08-04
影响因子：
7.1
通讯作者：
Rocha, Augusto
中科院分区：
文献类型：
--
作者：
Cowling, Marc;Brown, Ross;Rocha, Augusto
鉴于2019冠状病毒病对创业行为和中小企业绩效的迅速负面影响，ISBJ发起了一系列简短评论，以反思这场危机的实质性影响，以及它可能如何影响未来的研究。这些报告以笔记的形式出版，批判性地评价了金融、转向、政策问题、性别、创新等问题，使用经过深思熟虑的论点和现有数据，对未来的市场趋势以及这些趋势将如何影响企业家及其企业进行有根据的推测。这些评论将在“在线第一”网站上免费下载，并将于8月份出版；它们涵盖了一系列问题，包括；转型、性别、金融、增长、创新和政策批评。我们希望我们的读者发现他们的信息指导当代辩论和推动未来的研究。随着COVID-19在全球蔓延，一项共同的公共政策应对措施是强制暂时关闭非必要的商业活动。在一些国家，政府为被迫休假的员工支付一部分工资收入，或扩大其福利制度，以容纳新下岗的工人或小企业主。虽然这些措施是有帮助的，但它们并没有明确解决企业收入和现金余额中缺乏销售交易活动的问题。在评论中，我们指出了哪些类型的企业在2019冠状病毒病爆发前一直在增加现金持有量，以此表明如果封锁持续很长一段时间，哪些类型的中小企业（sme）面临的风险最大。我们发现，在2019冠状病毒病爆发前，只有39%的企业增加了现金余额，这表明61%的企业可能会耗尽现金，其中8.6%的企业没有任何留存收益，而微型企业面临的风险尤其大。对于中小企业来说，预防性储蓄的重要性对于增强黑天鹅事件发生时的抵御能力至关重要。
COVID-19 Short CommentariesIn recognition of the swift and negative impact of COVID-19 upon entrepreneurial behaviour and SME performance, the ISBJ has instigated a series of short commentaries to reflect upon the substantive implications of the crisis and how it might shape future research. These are published as notes critically evaluating issues covering finance, pivoting, policy issues, gender, innovation - to name but a few - using considered arguments and available data to generate informed speculation upon future market trends and how these will affect entrepreneurs and their ventures. These commentaries will be offered as free downloads on the website on Online First with publication commencing in the August issue of the journal; they cover a range of issues including; pivoting, gender, finance, growth, innovation and policy critiques. We hope our readership find them informative in guiding contemporary debate and fuelling future research.As COVID-19 spreads across the globe, a common public policy response has been to enforce the temporary closure of non-essential business activity. In some countries, governments have underwritten a proportion of the wage income for staff forced to furlough or broadened their welfare systems to accommodate newly laid off workers or small business owners. While these actions are helpful, they do not explicitly address the lack of sales trading activity on business income and cash balances. In commentary, we identify what types of businesses have been increasing their cash holdings in the lead up to COVID-19 as an indication of what types of small and medium-sized enterprises (SMEs) are most at risk if the lockdown extends for a protracted period of time. We find that only 39% of the of businesses were bolstering their cash balances leading up to COVID-19 which suggests that 61% of businesses may run out of cash, including 8.6% that had no retained earnings whatsoever with micro firms at particular risk. The importance of precautionary saving for SMEs is critical to enhance resilience when Black Swan events occur.